Printer Friendly

DELPHI FINANCIAL GROUP, INC. REPORTS ON RAPID BOOK VALUE GROWTH IN MEETING WITH ANALYSTS

 NEW YORK, May 6 /PRNewswire/ -- Robert Rosenkranz, chairman and chief executive officer of Delphi Financial Group, Inc. (NASDAQ: DLFI) told security analysts today that Delphi's fully-diluted book value per share had grown at a 38 percent compound annual rate over the past five years.
 "Delphi's growth in book value per share evidences our commitment to enhance shareholder value," Rosenkranz told analysts at New York's University Club. "Our insurance, investment and capital management operations are all strongly oriented to growing book value per share."
 Rosenkranz also highlighted a $2.5 million reduction in Delphi's interest expense from subordinated debt repurchases and the company's new credit facility. Refinancing of the remainder of the subordinated debt is a high priority, with potential additional savings greater than $5 million annually.
 "We are cautiously optimistic about the future despite an uncertain economic and political environment," Rosenkranz said. "Our annuity spreads have improved. Group loss ratios are stable and group persistency is excellent. We have some new group products in the pipeline. We have reorganized our insurance operations into a profit center format. Our investment portfolio is relatively short, with a duration of 3.3 years. We have virtually no high-yield securities or mortgages. Our bond portfolio and our independent investment managers are performing well. Ratings on our subordinated debt have been upgraded. And we will shortly utilize our Federal Home Loan Bank facility to increase our spread income."
 Also addressing the analysts were Robert Posnak, vice chairman, Charles O'Brien, chief executive officer of Reliance Standard Life Insurance Company, and Thomas Sullivan, chief investment officer and president of Delphi Capital Management, Inc.
 Delphi Financial Group, Inc. is an insurance holding company that underwrites, through its subsidiaries, a portfolio of life, long-term disability and personal accident insurance, targeted principally to the employee benefits market, and asset accumulation products throughout the 50 states and the District of Columbia.
 /delval/
 -0- 5/6/93
 /CONTACT: Patrick J. Mitchell, director of Investor Relations of Delphi Financial, 215-787-3950/
 (DLFI)


CO: Delphi Financial Group, Inc. ST: Delaware IN: INS SU:

MK -- PH037 -- 5575 05/06/93 15:20 EDT
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:May 6, 1993
Words:347
Previous Article:ASSOCIATES CORPORATION OF NORTH AMERICA $300 MILLION 4.50 PERCENT SENIOR NOTES
Next Article:KAISER PERMANENTE SEEKS MEDICARE RISK CONTRACT FOR 1994
Topics:


Related Articles
DELPHI FINANCIAL GROUP INCREASES ASSETS THROUGH ANNUITY AGREEMENT
DELPHI FINANCIAL GROUP REPORTS REDEMPTION OF 15 PERCENT SUBORDINATED DEBENTURES
DELPHI FINANCIAL GROUP REPORTS TIGER MANAGEMENT OWNERSHIP POSITION UNCHANGED
DELPHI FINANCIAL GROUP, INC. ANNOUNCES NYSE LISTING OF ITS SENIOR SUBORDINATED DEBENTURES
Delphi Declares 20% Stock Dividend and Intention to List on the New York Stock Exchange
Delphi To List on the New York Stock Exchange
DCR Reaffirms Reliance Standard Life Insurance Company First Reliance Standard Life Insurance Company Claims Paying Ability Rating at 'A+'
Correction: DCR Reaffirms the Ratings of Delphi Financial Group and Subsidiaries
Delphi Financial Group, Inc. Announces One Million Share Repurchase Program; Expects Third Quarter Results Consistent with Estimates.
Delphi Financial to Ring NYSE Closing Bell to Celebrate 10th Anniversary of Listing.

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters